Bank Alfalah declares 33.4% surge in annual profit

Bank Alfalah declares 33.4% surge in annual profit

KARACHI: Bank Alfalah Limited on Wednesday declared 33.4 per cent surge in net profit for the year 2021.

According to financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the bank announced Rs14.46 billion as consolidated profit after tax earnings for the year ended December 31, 2021 as compared with Rs10.84 billion in the preceding year.

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Bank Alfalah declared earnings per share at Rs8.12 for the year under review as compared with EPS of Rs6.10 during the preceding year.

The Board of Directors of the bank met on February 02, 2022 at Dubai, UAE and recommended final cash dividend for the year ended December 31, 2021 at Rs2 per share i.e. 20 per cent. This is in addition to interim cash dividend already paid at Rs2 per share i.e. 20 per cent.

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The board has not approved any bonus share, right share or any other entitlement / corporate action.

The board of directors authorized the bank to acquire 521,739 additional ordinary shares of Rs10 each (representing 1.3 per cent of the share capital) of its subsidiary, Alfalah CLSA Securities (Pvt) Limited from minority shareholders of the company. As a result, the total shareholding of the bank in the company will stand at 24,999,912 ordinary shares. Such purchase shall be subject to obtaining of all necessary corporate and regulatory approvals and completion of related formalities.

READ MORE: Bank Alfalah declares Rs10.48 billion after tax profit

According to the results, the net mark-up / interest income of the bank rose to Rs46.04 billion for the year ended December 31, 2021 as compared with Rs44.69 billion in the preceding year.

Total non-mark-up/interest income of the bank grew to Rs17.23 billion in the year 2021 as compared with Rs13.54 billion in the preceding year.

READ MORE: Bank Alfalah announces 21% growth in half year profit

Operating expenses of the bank increased to Rs36.54 billion during the year under review as compared with Rs31.62 billion in the preceding year.

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